The St. Joe Company Announces Thomas Hoyer as New Chief Financial
Officer

March 08, 2012 10:05 AM Eastern Standard Time

WATERSOUND, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE:JOE) (“JOE” or the “Company”) announced today
that Thomas Hoyer will join the Company as Chief Financial Officer (CFO)
effective March 19, 2012. Hoyer will replace Janna Connolly who has held
the position since May 2011 and has resigned to pursue other
opportunities.

“The JOE family recognizes and thanks Janna for her 16 years of
dedicated service and leadership,” said Park Brady, CEO for The St. Joe
Company. “Janna’s guidance has been instrumental in successfully
executing the Company’s new financial strategy.”

Mr. Hoyer joins St. Joe with more than 25 years of financial-management
experience, most recently from eDiets.com, Inc., where he served as
Senior Vice President, Chief Financial Officer and Treasurer since March
2008.

Mr. Hoyer began his career at Fluor Corporation, serving in various
financial-management positions. Following his 15-year tenure with Fluor,
he held the positions of CFO with GlobEquip, LLC, and Vice President of
Corporate Finance with MWH Global, Inc. He has also served as Executive
Vice President and Chief Financial Officer with NationsRent and Vice
President, Treasurer, and Chief Financial Officer with Digital Angel,
Inc.

“We are excited about the addition of Tom Hoyer,” said Brady. “His
financial expertise and insights will be great assets to St. Joe’s
operations.”

Mr. Hoyer, age 49, earned his Bachelor’s Degree and Master’s Degree in
Business Administration from Clemson University.

“I am pleased to be joining a company that boasts a strong, reputable
team as well as one so rich in history,” said Hoyer. “I look forward to
the opportunities that lie ahead.”

About St. Joe

The St. Joe Company is a Florida-based real estate developer and
manager. The Company owns approximately 573,000 acres of land
concentrated primarily in Northwest Florida and has significant
residential and commercial land-use entitlements in hand or in process.
The majority of land not under development is used for the growing and
selling of timber or is available for sale. The Company also owns
various commercial, resort and club properties. More information about
the Company can be found on its website at www.joe.com.

Forward-Looking Statements

Statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements about the
Company’s beliefs, plans, goals, expectations and intentions.
Forward-looking statements involve risk and uncertainty, and there can
be no assurance that the results described in such statements will be
realized. Such statements are based on our current expectations and the
company undertakes no obligation to publicly update or reissue any
forward-looking statements. Risk factors that may cause the actual
results to differ are described in this press release and in various
documents have been filed with the U.S. Securities and Exchange
Commission, including the Company's annual report on Form 10-K filed
with the Commission on February 27, 2012.